Investors not out of the woods yet
There were 121 registered mortgagee sales in February, down slight from the 124 in the same months of 2009 and a 38% drop from January's 196 sales.
Terralink managing director Mike Donald said the improvement from January reflects a seasonal drop off that typically reverses in March. Preliminary figures for March indicate numbers will rise again from February.
"The recession is not over in the housing market yet," he said.
Some property investors have been left servicing mortgages on properties whose value has slipped below the level of debt. With interest rates set to rise and households still feeling poor, the appetite from property remains tepid.
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